Two Bears Studio: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Two Bears Studio
Largest movements
- Cash +€8,071
up €8,071 (+24.5%), from €32,902 to €40,973
mainly Net result for the year (+€11,240) and Tax, wage and social debts (+€7,753)
- Receivables within one year +€3,949
up €3,949 (+64.8%), from €6,090 to €10,040
of which Trade receivables: +€5,621
- Tax, wage and social debts +€7,753
up €7,753 (+234.9%), from €3,300 to €11,053
- Other debts +€6,714
up €6,714 (+132.1%), from €5,081 to €11,795
- Current portion of long-term debt -€3,486
no longer reported in 2025 (was €3,486)
- Reserves +€1,635
up €1,635 (+5.6%), from €29,365 to €31,000
of which Distributable reserves: +€23,500
- Trade debts -€805
down €805 (-40.0%), from €2,011 to €1,206
- Depreciation -€2,806
down €2,806 (-41.1%), from €6,825 to €4,020
- Financial charges -€1,882
down €1,882 (-90.6%), from €2,077 to €195
- Taxes +€1,753
up €1,753 (+28.2%), from €6,225 to €7,978
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,523 | €64,506 | +€11,983 | +22.8% |
| Fixed assets | 21/28 | €9,553 | €9,832 | +€279 | +2.9% |
| Tangible fixed assets | 22/27 | €9,553 | €9,832 | +€279 | +2.9% |
| Furniture and vehicles | 24 | €5,536 | €4,417 | -€1,119 | -20.2% |
| Other tangible fixed assets | 26 | €4,016 | €5,415 | +€1,399 | +34.8% |
| Current assets | 29/58 | €42,970 | €54,674 | +€11,704 | +27.2% |
| Stocks and contracts in progress | 3 | €2,976 | €3,039 | +€63 | +2.1% |
| Stocks | 30/36 | €2,976 | €3,039 | +€63 | +2.1% |
| Amounts receivable within one year | 40/41 | €6,090 | €10,040 | +€3,949 | +64.8% |
| Trade receivables | 40 | €4,418 | €10,040 | +€5,621 | +127.2% |
| Other amounts receivable | 41 | €1,672 | - | -€1,672 | |
| Cash at bank and in hand | 54/58 | €32,902 | €40,973 | +€8,071 | +24.5% |
| Deferred charges and accrued income | 490/1 | €1,002 | €623 | -€379 | -37.8% |
| Total equity and liabilities | 10/49 | €52,523 | €64,506 | +€11,983 | +22.8% |
| Equity | 10/15 | €37,835 | €40,210 | +€2,375 | +6.3% |
| Contributions | 10/11 | €6,529 | €6,529 | = | 0.0% |
| Reserves | 13 | €29,365 | €31,000 | +€1,635 | +5.6% |
| Non-distributable reserves | 130/1 | €21,865 | - | -€21,865 | |
| Reserves not available under the articles | 1311 | €21,865 | - | -€21,865 | |
| Distributable reserves | 133 | €7,500 | €31,000 | +€23,500 | +313.3% |
| Profit (loss) carried forward | 14 | €1,941 | €2,681 | +€740 | +38.1% |
| Amounts payable | 17/49 | €14,688 | €24,296 | +€9,608 | +65.4% |
| Amounts payable within one year | 42/48 | €14,688 | €24,296 | +€9,608 | +65.4% |
| Current portion of amounts payable after more than one year | 42 | €3,486 | - | -€3,486 | |
| Financial debts | 43 | €809 | €242 | -€568 | -70.1% |
| Credit institutions | 430/8 | €809 | €242 | -€568 | -70.1% |
| Trade debts | 44 | €2,011 | €1,206 | -€805 | -40.0% |
| Suppliers | 440/4 | €2,011 | €1,206 | -€805 | -40.0% |
| Taxes, remuneration and social security | 45 | €3,300 | €11,053 | +€7,753 | +234.9% |
| Taxes | 450/3 | €3,300 | €11,053 | +€7,753 | +234.9% |
| Other amounts payable | 47/48 | €5,081 | €11,795 | +€6,714 | +132.1% |
| Non-recurring operating income | 76A | - | €37 | +€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,825 | €4,020 | -€2,806 | -41.1% |
| Other operating charges | 640/8 | €638 | €501 | -€138 | -21.6% |
| Gross operating margin | 9900 | €23,737 | €23,758 | +€21 | +0.1% |
| Operating profit (loss) | 9901 | €16,273 | €19,237 | +€2,964 | +18.2% |
| Financial income | 75/76B | €122 | €176 | +€54 | +43.9% |
| Recurring financial income | 75 | €122 | €176 | +€54 | +43.9% |
| Financial charges | 65/66B | €2,077 | €195 | -€1,882 | -90.6% |
| Recurring financial charges | 65 | €2,077 | €195 | -€1,882 | -90.6% |
| Profit (loss) for the period before taxes | 9903 | €14,318 | €19,218 | +€4,900 | +34.2% |
| Income taxes | 67/77 | €6,225 | €7,978 | +€1,753 | +28.2% |
| Profit (loss) for the period | 9904 | €8,094 | €11,240 | +€3,146 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,094 | €11,240 | +€3,146 | +38.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.